Homebuyer Flood Insurance Relief

On April 15, 2014, FEMA issued a WYO Company Bulletin implementing the first provisions of the Flood Insurance Affordability Act and providing immediate rate relief to homebuyers. In the bulletin, FEMA directs insurance companies to stop charging full-risk premium rates when older properties are sold after May 1. Instead, buyers will be allowed to assume the seller’s current rate until FEMA issues new rate tables and refunds under the new law. NAR will continue pressing FEMA to implement the rest of the rate relief provisions according to the statutory deadlines.